History of the London Discount MarketFirst Published in 1972. The London Discount Market is unique, and its existence has contributed more than any other single factor to the elaboration of what may legitimately be called the Anglo-Saxon tradition in Central Banking technique. The bill of exchange has existed for centuries in its classical late Victorian form by many decades. This book assesses how in no other country in the world did the same relationships evolve between the Central institution and the Money Market. |
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1832 Committee accommodation accommodation bills actually advances amount average balances Bank Act Bank of England Bank rate Bank's became bill brokers bill market bills of exchange borrowing Branch Banks Bullion call loans capital cash cent central bank Chapman charged competition country banks crisis currency declared demands deposits despite directors discount business DISCOUNT COMPANIES discount houses discount market discount rates dividend early Economist effect endorsement evidence Exchequer bills facilities fact finance firm funds gold Government growth Gurney's Ibid important increase joint stock banks later lending less liabilities Lombard Street London bankers London Discount London market Lords Loyd Luke Hansard Magazine market rate merchant millions Minutes money market months never operations Overend paper partners payment period portfolio practice principle private banks profits railway rate of interest re-discounting refused reserve Richardson rule securities shareholders shares speculation stringency tion trade transactions Treasury